"But of interest to GGP it shows a loss of $2.685 mill on sale of shares. I am assuming they were the GGP shares held by them as I cant see any assets resembling shares in GGP."
Transaction Details of acquisition of Permian Basin from AKW (extract from ANN of 4th March, 2011) "GGP has purchased the 8,806 acre leasehold position for 196,000,000 listed ordinary fully paid shares (Share Component) in GGP along with a payment of US$2.2 million. An initial US$500,000 deposit was paid in 2010 and the remaining balance of US$1.7 million paid at closing. There is over 2 years remaining on the initial leases which are paid in full through their term."
Scottport, I tend to think the same as you on the sale of their GGP shares, that is they ran out of luck. I believe they were the ones that kick started the sell-off, we were notified in March that AKW received 196 million GGP fully paids, but I haven't found out when AKW would have received the stock. But looking back at the chart their was a pump in March and another in April, so maybe they used these to sell down some of the stock, there were a few heavy volume days then but they would have had to battle along with the traders and the holders as well, so my bet is they still had a lot of stock left in May, and the rest is history, everyone selling off from this point in the general market and then no news on a PB start date. So if they did have any left in May they have been dribbling them into the sell side which is enough to confirm to the nervous nellies that they had better join in also, and presto you end up with what we have today which is an Aust. oiler that is a current producer, with top floor turf, and not just one location either at a trashed SP.
It's my opinion, going on the little info I know about the issue date of the stock to AKW, plus nothing else adds up.
I was in disbelief when I read their update this morning, check it out:
MARKET UPDATE
Arturus Capital Limited (ASX: AKW) (the Company) wishes to provide the market with an update of the following matters:
West Eucla Mineral Sands Project
Further to the Company's announcement of 24 August 2011, the Company confirms that the Option Agreement with Wild Side (WA) Pty Ltd and Westover Holdings Pty Ltd, pursuant to which the Company was granted an option to acquire a 100% interest in the West Eucla Mineral Sands Project, has terminated following the non-payment by the Company of a non-refundable deposit of $800,000.
Nair Matter
Further to the Company's announcement of 5 August 2011, the Company has not yet settled the matter with Dr Nair as previously advised. Settlement of the dispute was predicated on the Company making a payment to Dr Nair of $900,000. This did not occur however the company made a partial payment of $200,000 and therefore the Company anticipates further discussions between the parties to resolve and ultimately settle the matter on the conclusion of the funding activities. Further announcements are anticipated on this matter.
Corporate
The Company intends to undertake an underwritten non-renounceable rights issue to raise approximately $2,790,155 before costs (Rights Issue). The Rights Issue will be offered to existing shareholders on the basis of one (1) new share for every one (1) share held on the Record Date at an issue price of $0.02 per share, together with one (1) attaching option for every three (3) shares subscribed for (exercisable at $0.06 each and expiring 31st
December 2013).
Based on the Company's current issued capital, the Rights Issue will result in 139,597,742 new shares and 46,532,581 new options being issued.
GGP Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
